Currency Majors Technical Perspective
Valeria Bednarik from FXstreet.com Independent Analyst Team at 10/26/09
EUR/USD Current price: 1.4983
Pair turned slightly bearish in the hourly, thus 1.4970 support zone still holds. 20 SMA has turned to the downside, and remains above current price, while indicators in the hourly chart continue pointing for further falls if the support gives up. Bigger time frames indicators also support the bias, thus pair needs to clearly move away from the 1.5000 area to confirm a deeper correction.
Support levels: 1.4960 1.4940 1.4910
Resistance levels: 1.5000 1.5025 1.5060
GBP/USD Current price: 1.6250
Gbp continues losing ground, after starting the week under the 38.2% retracement of the last daily up leg from 1.5707 to 1.6693. Rally seems to be reaching oversold conditions in the hourly thus no signs of reversal yet. 200 EMA in the 4 hours charts around 1.6230 is next key support for the pair that should offer some rebound to the upside if reached without previous corrections. Only clearly above 1.6315, mentioned 38.2% level, pair could gain some upside momentum thus likely to be just corrective.
Support levels: 1.6230 1.6200 1.6160
Resistance levels: 1.6315 1.6350 1.6390
USD/JPY Current price: 92.03
Moving inside an ascendant channel and above 20 SMA, hourly charts show indicators pointing for some downside movements ahead. General trend however remains bullish in the pair, so expect the downside to remain limited by the 91.60 zone, base of the mentioned channel. Break and confirmations under that level could deny further falls for the next sessions. Above channel roof currently around 92.50 zone, pair should attempt a test of the 93.00 zone.
Support levels: 91.60 91.30 91.00
Resistance levels: 92.20 92.50 92.80
USD/CHF Current price: 1.0080
Pair seems unable to regain the 1.0100 level, despite hourly indicators look slightly bullish at this point. 20 SMA under current price acts as dynamic support yet bigger time frames show pair remains clearly bearish. Only break above 1.0130 next resistance level above mentioned one, could suggest further upside movements. On the other hand, break under 0.9980 could trigger some strong selling momentum in the pair.
Support levels: 1.0070 1.0030 0.9980
Resistance levels: 1.0100 1.0130 1.0165
